NEW YORK – Samuel Selmar, 46, of Cedarhurst, New York, is facing federal charges after authorities say he masterminded a nearly $1 million loan fraud scheme that preyed on vulnerable citizens. The U.S. Secret Service announced the unsealing of a superseding indictment today, adding Selmar to a growing list of defendants in the case.
The scheme, allegedly operating between March and December 2021, involved a network of “Fraudulent Lenders” used to lure victims into providing their bank account details under the false promise of loans. Instead of receiving funds, victims had thousands of dollars withdrawn from their accounts, leaving them financially devastated, according to court filings.
“The deliberate chicanery allegedly carried out by this defendant has had a dire impact on the lives of his victims,” stated Special Agent in Charge Patrick J. Freaney of the U.S. Secret Service’s New York Field Office. “By-and-large, these are private citizens who cannot afford to lose a few thousand dollars each.” Freaney praised the work of Secret Service investigators and prosecutors from the Southern District of New York in disrupting the operation.
Prosecutors allege that Selmar and his co-conspirators knowingly conspired to defraud victims through an “advance-fee merchant cash advance fraud scheme.” The scheme relied on interstate and foreign communication – emails and electronic messages – to solicit victims and facilitate the fraudulent withdrawals. The indictment centers around violations of Title 18, United States Code, Section 1343, pertaining to wire fraud.
Selmar has been charged with one count of conspiracy to commit wire fraud. If convicted, he faces a maximum penalty as prescribed by Congress, with sentencing ultimately determined by the judge. The case is being prosecuted by Assistant U.S. Attorneys James Mandilk and Alexandra S. Messiter of the Office’s General Crimes Unit.
It’s crucial to remember that these are merely allegations, and Selmar is presumed innocent until proven guilty in a court of law. The Secret Service investigation remains ongoing, and further details are available through the Department of Justice: https://www.justice.gov/usao-sdny/pr/two-defendants-charged-orchestrating-2-million-loan-fraud-scheme and https://www.justice.gov/usao-sdny/media/1347216/dl.
Related Federal Cases
- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · Ohio
- Sark Wire Corporation, PPP Loan Fraud, Albany NY, 2020 · Ohio
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · Oregon
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2023 · North Carolina
- Mark Thompson, Wire Fraud and Conspiracy, New York NY, 2023 · Ohio
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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